Procurement and General Requirements. Minor demolition for remodeling; asbestos abatement; concrete (cast underlayment), openings (anti-intrusion glazing film); finishes (acoustical ceilings and resilient flooring); mechanical duct work, mechanical diffusers/grilles, selective demolition for electrical, basic electrical requirements, low-voltage electrical power conductors and cables, grounding and bonding for electrical systems, hangers and supports for electrical systems, conduits for electrical systems, boxes for electrical systems, identification for electrical systems, lighting control devices, wiring devices, and interior lighting); and all other Work and related materials as detailed in the Contract Drawings, as described herein, and as required for the complete and proper Project. Each Bid must be accompanied by Certified Check of the Bidder or by a Bid Bond prepared on a standard approved form, duly executed by the Bidder as Principal, and having as Surety thereon a Surety Company authorized to do business within the State of New York. Bid security shall be in an amount not less than 5% of the Base Bid or not less than 5% of the sum of Base Bids where such Base Bids may be considered cumulative. Such checks will be returned to all except the three (3) lowest formal Bidders within 3 working days after the formal opening of Bids and the remaining cash or checks will be returned to the three (3) lowest Bidders within 48 hours after the Owner and the accepted Bidder have executed a Contract. If no Contract has been so executed within 45 days after the opening of Bids, Bid Security will be returned upon demand of the Bidder at any time thereafter so long as he has not been notified of the acceptance of his Bid. The successful low Bidder, upon his failure or refusal to execute and deliver the Contract and required Bonds and Insurance within 15 days after he has received notice of the acceptance of his Bid, shall forfeit to the Owner, as Liquidated Damages for such failure or refusal, the security deposited with his Bid Simultaneously with his delivery of the executed Contract, the successful Bidder must deliver to the Owner three (3) originals of an executed Bond in the amount of 100% of the accepted Bid as security for the faithful performance of the Contract and for the payment of all persons performing labor or furnishing materials in connection therewith, prepared in the standard form of Performance Bond, Labor and Materials Payment Bond, AIA Form A312-2010 and having as Surety thereon such Surety Company or Companies as are acceptable to and approved by the Owner, and as are authorized to transact business in New York State. The Owner reserves the right to reject any or all bids and to waive any informalities or defects in such bid either before or after opening.